Analyst: If an economic recession occurs, the United States may face a "fiscal disaster."

Jim Millstein, Co-Chairman of Guggenheim Securities, stated that lawmakers in Washington are continuing to push for a massive tax cut plan, and if the economy falls into recession, the U.S. faces the risk of a "fiscal disaster." "Currently, the deficit is 6.4% of GDP, which is $2.4 trillion. If a recession occurs, that number could easily balloon to $4 trillion," Millstein said, adding that the current cost assessment of the Republican tax cut plan "is based on the assumption of sustained economic growth. So imagine what would happen if we were to experience a recession. In the past five or six recessions, the budget deficit has actually worsened significantly because tax revenues fell while government spending increased."